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Banking Law Keyed to Malloy, 4th Ed.
SEC v. Banca Della Svizzera Italiana
Citation:
92 F.R.D. 111 (1981)Facts
On March 10, 1981, one day before Seagram announced a tender offer for St. Joe Minerals Corporation, BSI purchased approximately 1,055 call options (representing rights to purchase 105,500 shares) and 3,000 shares of St. Joe common stock. The day after the announcement, BSI sold the options and 2,000 shares, realizing a profit of nearly $2 million. The SEC promptly investigated and brought suit, alleging that BSI and its principals had engaged in insider trading. The SEC obtained a Temporary Restraining Order freezing the proceeds of the transactions and requiring BSI to disclose the identity of its principals. Despite eight months of efforts by the SEC to obtain this information through various procedural means, BSI consistently refused to provide the identities, citing Swiss banking secrecy laws. BSI claimed that disclosure would subject it to criminal liability under Swiss law, but the court found that BSI had deliberately used Swiss nondisclosure law to evade U.S. securities laws in a commercial transaction for profit.
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